Zhengzhou PTA futures contracts in China, stumbled lower on Friday, the most active contract 1005 fell and eventually closed at 8,182 Yuan / ton, down 36 points or 0.44 percent compared with March 18.
International oil prices too fell down last Friday, due to a strong dollar and hike in interest rates in India. The pressure of polyester stock in Chinese downstream market is still large, due to which, short-term market of PTA will lack momentum.
Paraxylene markets in Asia fell US $1 on Thursday. FOB South Korea closed at $1,026.25 / ton and CFR Taiwan closed at $1,045.25 / ton.
Market conditions of PTA spot remained stable both for Chinese domestic supply and overseas supply. Offers by sellers in East China for domestic supply ranged in between 8,050-8,100 Yuan / ton, however offers were light.
Market of overseas offers is stable in China. Offers for Taiwan goods and bonded goods stood at $985/ ton, offers for South Korean cargo marked $940 / ton and firm offers ranged in between $935-975/ ton.
As it was close to the weekend, the market appeared in strong wait-and-see sentiment, actual trade was still light.
marketing@alchempro.com
